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Trump’s back-and-forth on tariffs creates uncertainty, drives surge in gold prices

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Gold price rebounds toward record highs of $3,246 after the previous pullback.  Trump’s back-and-forth on tariffs creates uncertainty, underpinning Gold’s safe-haven appeal.Gold remains poised for a fresh leg higher on bullish technical setup on the daily chart.Gold price is bouncing back toward the record highs of $3,246 set on Monday as buyers fight back control despite a sense of calm across the financial markets early Tuesday.

This resurgence comes despite relative calm in broader financial markets, and it underscores the enduring appeal of gold as a safe-haven asset amid political and economic turbulence. Central to this dynamic is the evolving and often erratic trade policy rhetoric emanating from the United States, particularly from former President Donald Trump. As markets struggle to interpret shifting stances on tariffs and brace for consequential economic data, gold appears poised to continue its upward trajectory, supported by both technical and fundamental factors.

The reemergence of gold’s bullish momentum occurs against a backdrop of a moderating U.S. bond market. Last week’s surge in Treasury yields—a swift 50 basis point increase—has partially reversed, with the benchmark 10-year yield falling by approximately 10 basis points. This stabilization has provided a brief respite for investors, many of whom are digesting not only earnings reports from major U.S. corporations but also the ongoing ambiguity surrounding American trade policy.

Trump’s recent comments on adjusting the 25% tariffs on auto and auto parts imports from key partners such as Mexico and Canada have injected fresh uncertainty into the market. His administration’s exemptions for certain technology products, like smartphones and laptops, only added complexity, especially as these items remain subject to less severe 20% tariffs rather than the previously discussed 145% rate. Trump’s mention of impending tariff decisions on semiconductors further adds to the volatility.

Such unpredictability has clear implications for investor sentiment, which in turn sustains the allure of gold. As a non-yielding asset traditionally viewed as a hedge against economic instability, gold thrives during periods when policy inconsistency undermines market confidence. Moreover, the anticipation of further dovish shifts by the Federal Reserve amplifies this dynamic. Remarks from Fed Governor Christopher Waller this week highlighted the economic strain caused by tariff policies, suggesting that rate cuts might be necessary even in the face of persistent inflation. While some voices, like Atlanta Fed President Raphael Bostic, urge a wait-and-see approach, markets are pricing in substantial rate reductions—approximately 85 basis points by year’s end—with high confidence that rates will remain unchanged at the Fed’s next meeting in May.

Beyond the U.S., global factors are also reinforcing the upward pressure on gold prices. Chinese investors have significantly increased their holdings in physically backed gold exchange-traded funds (ETFs) in April, a trend confirmed by the World Gold Council. This inflow reflects both domestic economic concerns and a broader global appetite for risk hedging, particularly as China prepares to release its first-quarter GDP data. Monday’s announcement from China Customs, revealing a 12.4% year-over-year surge in exports for March, underscores the urgency with which Chinese exporters have responded to looming U.S. tariff hikes.

As gold continues its climb, technical indicators on the daily chart support the potential for further gains. Yet, this ascent remains contingent on several evolving narratives: Trump’s tariff proclamations, the Fed’s policy responses, and the tone of incoming macroeconomic data from China and beyond. In this complex and fluid environment, gold retains its timeless luster—not merely as a commodity, but as a barometer of global uncertainty.

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GJEPC Showcases India’s Craftsmanship, Innovation and Design At JCK Las Vegas 2026 Through The India Pavilion and India Design Gallery

India Pavilion Was Inaugurated By Dr. K. J. Srinivasa, Hon’ble Consul General Of India To Los Angeles

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Marking its 21st consecutive participation at JCK Las Vegas, the India Pavilion brings together 33 premier exporters, showcasing India’s innovation, craftsmanship and design prowess. The India Design Gallery complements the showcase with 26 exceptional creations from the Artisan Jewellery Design Awards 2026, celebrating India’s growing influence in design-led jewellery innovation.

The Gem & Jewellery Export Promotion Council (GJEPC) marks a defining milestone this year, celebrating its 21st consecutive participation at JCK Las Vegas, the world’s premier jewellery trade event. From May 29th to June 1st, 2026, at The Venetian Expo, the India Pavilion will serve as a global stage for 33 of India’s most visionary member exporters. Spanning 3,900 sq. ft., the pavilion represents the “Brilliant Bharat” initiative, showcasing a transition from a manufacturing powerhouse to a global trendsetter that blends centuries-old hand skills with a sophisticated, design-first approach for the international market.

The India Pavilion was inaugurated by Dr. K. J. Srinivasa, Hon’ble Consul General of India, Los Angeles, in the presence of Kirit Bhansali, Chairman, GJEPC; Vijay Mangukiya, Convener – International Exhibitions, GJEPC; Ashish Borda, Convener – Promotions, Marketing & Business Development (PMBD), GJEPC; Mital Doshi, Convener – Banking, Insurance & Taxation Committee (BITC), GJEPC; and Sabyasachi Ray, Executive Director, GJEPC.

The pavilion’s architecture across two strategic levels is designed to guide international buyers through a curated journey of Indian excellence. On Level One’s Passport Section, the narrative begins with the timeless elegance of natural diamonds and the intricate artistry of studded and plain gold jewellery, reflecting India’s deep-rooted connection to precious metals. The experience continues at Level Two, which serves as a specialised hub for high-end natural diamonds and couture jewellery collection. The collections speak the refined language of global aesthetics.


Another standout is the India Design Gallery at level 1-105, a showcase of specially crafted one-off jewels presented under the overarching theme, Quantum Couture. Curated by Paola De Luca, a globally recognised jewellery trend forecaster,  the pieces reimagine India’s rich artisanal heritage through a modern lens. The India Design Gallery spans three narratives, namely, Embroidery, Micro Painting, and Poetic Layers, each translating heritage techniques into bold, future-facing expressions of design.

Kirit Bhansali, Chairman, GJEPC, said:

“For over two decades, GJEPC has maintained a strong presence at JCK Las Vegas, and our 21st year marks a significant evolution in how we present Indian craftsmanship to the world. With 33 exporters across 3,900 sq. ft., we are not just showcasing products; we are showcasing India’s capability as a design-led manufacturing powerhouse. By blending our ancestral savoir-faire with modern innovation, we have ensured that the India Pavilion offers a vision of jewellery that is innovative, market-ready, and deeply rooted in excellence, reinforcing our position as the world’s preferred sourcing destination.”

The India Design Gallery reflects the creative evolution of Indian jewellery, where heritage craftsmanship meets contemporary design thinking. By showcasing exceptional creations from the Artisan Jewellery Design Awards 2026, we are presenting India’s growing capabilities as a global hub for design-led jewellery innovation.” added Bhansali.

Commenting on GJEPC’s recently announced membership of the Natural Diamond Council, Bhansali, noted: “The Natural Diamond Council plays a vital role in promoting the desirability and enduring value of natural diamonds among consumers worldwide. Our membership reflects GJEPC’s commitment to supporting collective industry efforts in category marketing, consumer education and storytelling, ensuring that natural diamonds continue to resonate with a new generation of consumers across global markets.”

India’s gem and jewellery industry today stands as one of the world’s most diversified and integrated ecosystems, with strengths spanning natural diamonds, coloured gemstones, gold jewellery, studded jewellery, silver jewellery, platinum, and the rapidly growing lab-grown diamond segment. Backed by a vast network of skilled artisans, advanced manufacturing capabilities, design innovation, and a strong supply chain, India has emerged as a preferred global sourcing destination, serving leading international brands and retailers with quality, scale, and craftsmanship.

India’s global rise in the gem and jewellery sector is also driven by sustained industry-building and international engagement initiatives led by GJEPC. The Council continues to strengthen India’s position on the world stage through active participation in key global industry forums including the World Diamond Council, World Federation of Diamond Bourses, and Kimberley Process, advocating ethical sourcing, transparency, sustainability, and responsible growth across the global value chain.

As part of its international outreach strategy, GJEPC provides Indian exporters access to key global markets through participation in leading international trade exhibitions and Buyer-Seller Meets across regions including Hong Kong, Las Vegas, Singapore, Italy, London, Sydney, Dubai, Bahrain, Japan, Germany, Saudi Arabia and Brazil. Flagship engagements include renowned platforms such as Jewellery & Gem ASIA Hong Kong, JCK Las Vegas, VICENZAORO, Jewellery Arabia, HKTDC Hong Kong Shows, JGT Dubai, and International Jewellery Tokyo, alongside focused Buyer-Seller Meets and initiatives such as IGJS Jaipur and SAJEX. These initiatives continue to expand market access, facilitate business opportunities, and strengthen India’s position as a trusted global jewellery hub.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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